Wipro Limited (NYSE:WIT – Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $1.80, but opened at $1.87. Wipro shares last traded at $1.83, with a volume of 711,768 shares.
Wall Street Analyst Weigh In
A number of research analysts recently issued reports on WIT shares. JPMorgan Chase & Co. lowered shares of Wipro from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $2.20 to $1.70 in a research note on Wednesday, June 24th. CLSA lowered shares of Wipro from a “hold” rating to an “underperform” rating in a research report on Wednesday, August 19th. Finally, Weiss Ratings upgraded shares of Wipro from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Strong Sell” and an average price target of $1.70.
Get Our Latest Stock Report on Wipro
Wipro Stock Performance
Wipro (NYSE:WIT – Get Free Report) last issued its quarterly earnings results on Friday, July 17th. The information technology services provider reported $0.03 EPS for the quarter, hitting analysts’ consensus estimates of $0.03. Wipro had a return on equity of 15.40% and a net margin of 13.93%.The company had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.60 billion. As a group, sell-side analysts forecast that Wipro Limited will post 0.14 earnings per share for the current year.
Hedge Funds Weigh In On Wipro
Several large investors have recently bought and sold shares of WIT. First Trust Advisors LP raised its position in shares of Wipro by 20.9% during the first quarter. First Trust Advisors LP now owns 18,557,277 shares of the information technology services provider’s stock valued at $39,341,000 after buying an additional 3,206,153 shares during the last quarter. UBS Group AG grew its position in Wipro by 4.7% during the fourth quarter. UBS Group AG now owns 13,654,405 shares of the information technology services provider’s stock worth $38,779,000 after buying an additional 609,565 shares in the last quarter. Prudential PLC acquired a new stake in Wipro during the fourth quarter worth about $1,110,000. Quadrant Capital Group LLC grew its position in Wipro by 46.9% during the fourth quarter. Quadrant Capital Group LLC now owns 2,136,767 shares of the information technology services provider’s stock worth $6,068,000 after buying an additional 682,194 shares in the last quarter. Finally, Norges Bank bought a new position in Wipro during the fourth quarter valued at about $22,036,000. 2.36% of the stock is currently owned by institutional investors and hedge funds.
Wipro Company Profile
Wipro Limited (NYSE: WIT) is an Indian multinational corporation that provides information technology, consulting and business process services. Headquartered in Bengaluru, India, the company traces its origins to 1945 when it was founded as Western India Vegetable Products and later diversified into technology and IT services. Today Wipro positions itself as a provider of enterprise IT solutions and digital transformation services for large and mid-sized organizations across multiple industries.
The company’s service portfolio includes application development and maintenance, cloud and infrastructure services, data analytics and AI, cybersecurity, digital consulting, product engineering and research and development, as well as business process services.
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